Mauritian bank seeks cross-border banking strategy

Genesis partnered with a Mauritian bank aiming to use its strengths and the country’s position as an international financial centre to provide a variety of solutions for the continent’s financial institutions, corporates and affluent customers.

Genesis conducted a thorough analysis of the bank’s strategy, covering both its domestic and international initiatives and offerings across various target client types. 

We also undertook a detailed market opportunity sizing. Our team worked closely with the bank’s senior management and board to understand the goals for each business unit and the capabilities they possess. We assessed each unit’s competitive positioning, human resources and digital strategies and whether they aligned with the overall aims of the business unit.

The project concluded with an on-site workshop for the bank’s senior management and board. This resulted in a decision to refocus on the bank’s specific goals across Africa and renewed clarity on where precisely to focus its attention.

The context of the partnership is noteworthy as it speaks to Mauritius’s reputation as a safe place to invest and do business. The country boasts a well-developed financial services industry, a strong regulatory framework, an investment-grade sovereign credit rating, a favourable taxation environment, a stable political climate and access to substantial flows of hard currency, such as US dollars.

By contrast, many African markets do not enjoy Mauritius’s perception of overall safety. A number of countries on the continent are facing serious risk of government debt distress, weak sovereign ratings, challenges with accessing foreign currency and generally deteriorating macroeconomic environments.

This leaves substantial room for Mauritius to act as a provider of financial services to suit the needs of the continent. One of these is to provide a steady flow of hard currency to where it is needed.